As cookies crumble, Fermàt promises brands a new infrastructure—personalized, streamlined, and entirely first-party.
The former LiveRamp duo is betting personalization and first-party data will win in a post-cookie world.
FERMÀT, an AI-driven ecommerce startup founded in 2021, has raised $45 million in Series B funding to expand its no-code platform for personalized shopping experiences. The round was led by VMG Partners, with continued participation from QED Investors, Greylock, Bain Capital Ventures, and Courtside Ventures.
The company, built by ex-LiveRamp executives Rishabh Jain and Shreyas Kumar, was born out of the wreckage left by Apple’s 2020 privacy changes. Jain said the move away from third-party tracking signaled that “the ecommerce industry was about to suffer very dramatically”.
FERMÀT’s approach: let brands embed checkout-ready experiences directly in influencer content, and own the resulting customer data. No redirects, no leaky funnels, no third-party guesswork.
What the new money is for
According to the company, the new funding will fuel continued product expansion, including:
- “Pierre Strategize AI,” which builds customer journey strategies from behavioral signals
- “Commerce Brain,” a system that monitors anonymized behavior across human and AI touchpoints
- Scaling its commerce graph database
- More headcount across engineering, ML, and enterprise sales
- Deepening agency partnerships
Jain summed up the stakes plainly: “The pressure on brands to reduce acquisition costs while improving performance has never been greater.” Their bet is that brands now need infrastructure, not just attribution tags.
FERMÀT claims it’s grown annual recurring revenue 5x and tripled headcount since its initial seed round. Today, its clients include Glossier, GNC, ILIA Beauty, BISSELL, Adapt Naturals, Backcountry, and Unilever’s Olly—along with agency partners like Tinuiti and Common Thread Collective.
Building through the downturn
This Series B follows two earlier rounds: a $12 million seed in 2022, led by Greylock and QED, and a $17 million Series A in 2024 led by Bain Capital Ventures.
That $17 million round helped bring on brands like True Classic, Jack Archer, Nood, and mindbodygreen. The latter reported a 31% drop in CPA and a 29% bump in new customer acquisition in just one month of using Fermàt’s tools.
The appeal is straightforward: Fermàt offers a way to launch thousands of personalized landing experiences, carry shopper context from ad to checkout, and give both brands and creators access to real-time insights without trading away customer data.
Operator POV
FERMÀT isn’t chasing the “shoppable video” trend. It’s selling infrastructure that helps brands rebuild what they lost when the data pipes shut off. The goal is control—over UX, attribution, and ultimately, revenue. If you’re spending into Meta or TikTok, this might be the closest thing to a post-ATT performance moat.
